Georgia Representative’s Cryptocurrency Trades Raise Questions
Georgia Rep. Mike Collins, a Republican Senate candidate, has gained attention for his substantial gains in cryptocurrency trading, with some questioning whether insider information played a role.
Since taking office in 2023, Collins has conducted cryptocurrency transactions amounting to as much as $745,000. His net worth reportedly rose by approximately $2.5 million during this period.
There have been allegations of questionable timing in Collins’ financial disclosures. Notably, during last year’s congressional discussions on the GENIUS Act, which established initial federal regulations for stablecoins, Collins executed profitable crypto trades.
The potential impact of the GENIUS Act on cryptocurrency values was significant, likened to a scenario where a congressperson might purchase stock in a major oil company before proposing legislation favoring the industry.
While insider trading laws apply to stock market activities, similar actions in the crypto space might fall under wire or commodities fraud accusations.
On April 30, 2025, Collins acquired Ether, a cryptocurrency on the Ethereum blockchain, priced at $1,794. The following day, as the GENIUS Act was introduced in the Senate, Ether’s value surged to $2,584.
The Senate’s introduction of the GENIUS Act was not publicly announced in advance. Although Ether is not categorized as a stablecoin, the legislation was perceived positively across the crypto industry.
Collins made another Ether purchase on July 8, 2025, at $2,616. Nine days later, when the GENIUS Act passed the House, Ether’s value rose to $3,673, marking a 40% increase.
A similar situation occurred with Collins’ investments in Ski Mask Dog, a memecoin. Meme coins, typically low in value, can become profitable when endorsed by celebrities or generate online buzz.
Critics argue that memecoins often facilitate pump-and-dump schemes, where asset prices are artificially boosted before major shareholders sell, leaving others with devalued assets.
Between Sept. 10 and Nov. 29, 2025, Collins made multiple purchases of Ski Mask Dog. On Dec. 3, 2025, the X account Unusual Whales, known for tracking market anomalies, flagged these purchases. Collins reacted with an image of Pepe the Frog, a meme sometimes conveying a savvy persona.
Pepe the Frog is also recognized as a symbol by some far-right groups.
After the Unusual Whales post, Ski Mask Dog’s popularity soared, with its trade volume skyrocketing from $1,384,313 to $37,468,161, a 2,606% increase.
Ski Mask Dog later featured Collins in promotional content, advocating for him as a 2028 presidential candidate.
In a related case, North Carolina Rep. Madison Cawthorn was fined $14,000 by the House Ethics Committee in 2021 for similar actions involving the Let’s Go Brandon memecoin.
Collins has consistently denied any wrongdoing in his cryptocurrency transactions. Currently, there is no investigation or criminal charge linked to his activities.
Running against incumbent Sen. Jon Ossoff, Collins will face a candidate whose campaign emphasizes addressing political corruption and self-enrichment.
A July AARP poll indicated Ossoff holding a significant lead over Collins, though the gap is anticipated to narrow as the election approaches.
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